Chapter 62S — Qualified Long-term Care Insurance Policy

62S.01 Definitions This section defines key terms used throughout the long-term care insurance chapter. It explains what counts as … 62S.02 Qualified Long-term Care Insurance Policy A qualified long-term care insurance policy must meet specific state requirements before it can be sold in Minnesota. … 62S.021 Long-term Care Insurance; Initial Filing Before selling a new long-term care insurance policy in Minnesota, the insurer must give the commissioner of commerce 30 … 62S.03 Extraterritorial Jurisdiction Group long-term care insurance from another state cannot be sold to Minnesota residents unless the state where it was … 62S.04 Prohibitions Long-term care insurance companies cannot cancel your policy because you get older or your health gets worse. They also … 62S.05 Preexisting Condition A long-term care policy can only look back six months before coverage started to exclude preexisting conditions. After … 62S.06 Prior Hospitalization or Institutionalization A long-term care policy cannot require you to be hospitalized first before you can receive benefits. The policy also … 62S.07 Right to Return; Refund You have 30 days after receiving your long-term care policy to return it for a full refund if you are not satisfied for … 62S.08 Coverage Outline Before you buy long-term care insurance, the insurer must give you a detailed outline of coverage. This outline must … 62S.081 Required Disclosure of Rating Practices to Consumers Insurers must tell applicants about how premiums may change in the future. They must share the history of rate increases … 62S.09 Certificate Requirements Certificates issued under group long-term care policies must describe the main benefits, list exclusions and … 62S.10 Policy Summary When a life insurance policy includes long-term care benefits, the insurer must provide a policy summary at delivery. … 62S.11 Monthly Report When long-term care benefits are being paid through a life insurance policy by using the death benefit early, the … 62S.12 Claim Denial If your long-term care insurance claim is denied, the insurer must give you a written explanation of the reasons. You … 62S.13 Incontestability Period This section limits when an insurer can cancel your policy or deny claims based on errors in your application. In the … 62S.14 Renewability A qualified long-term care policy must be guaranteed renewable, meaning the insurer cannot cancel it as long as you pay … 62S.15 Authorized Limitations and Exclusions This section lists the only exclusions a long-term care policy is allowed to have, such as preexisting conditions, … 62S.16 Extension of Benefits If you are in a care facility when your long-term care policy ends, the insurer must continue paying benefits for care … 62S.17 Continuation or Conversion Group long-term care policies must let covered people continue or convert their coverage if the group policy ends. A … 62S.18 Discontinuance and Replacement When one group long-term care policy replaces another for the same employer, the new insurer must offer coverage to … 62S.181 Electronic Enrollment for Group Policies Employer-sponsored group long-term care insurance can be enrolled electronically or by phone instead of requiring a … 62S.19 Unintentional Lapse To prevent accidental loss of coverage, you can name someone to receive notice if your long-term care premiums go … 62S.20 Required Disclosure Provisions Long-term care policies must clearly disclose whether they are guaranteed renewable or noncancelable on the first page. … 62S.21 Prohibition Against Postclaims Underwriting Insurers cannot use 'postclaims underwriting,' meaning they cannot wait until you file a claim to investigate your … 62S.22 Minimum Standards for Home Health and Community Care Benefits If a long-term care policy covers home health care, it cannot limit those benefits in unfair ways. For example, it … 62S.23 Requirement to Offer Inflation Protection Insurers must offer inflation protection that increases your benefits over time to keep up with rising long-term care … 62S.24 Requirements for Application Forms and Replacement Coverage When you replace an existing long-term care policy with a new one, the application must ask about your current coverage. … 62S.25 Reporting Requirements Insurers must track and report each agent's lapse and replacement rates annually. They must also report the percentage … 62S.251 Reserve Standards This section sets the rules for how insurers must calculate reserves for long-term care benefits. When benefits are … 62S.26 Loss Ratio Long-term care insurance policies must have a minimum loss ratio of at least 60 percent, meaning at least 60 cents of … 62S.265 Premium Rate Schedule Increases Insurers must get commissioner approval before raising long-term care premiums. They must file actuarial justification … 62S.266 Nonforfeiture Benefit Requirement Insurers must offer a nonforfeiture benefit so you keep some coverage even if you stop paying premiums. If you decline … 62S.267 Standards for Benefit Triggers To qualify for long-term care benefits, you must be unable to perform at least two activities of daily living or have … 62S.268 Additional Standards for Benefit Triggers for Qualified Long-term Care Insurance Contracts Qualified long-term care insurance contracts under the federal tax code must pay only for services prescribed by a … 62S.27 Filing Requirement Before offering group long-term care insurance to Minnesota residents under a policy issued in another state, the … 62S.28 Filing Requirements for Advertising Insurers must give the commissioner a copy of any long-term care insurance advertisement used in Minnesota, whether in … 62S.29 Standards for Marketing Insurers must follow fair marketing practices, train their agents, and make sure people are not sold more insurance than … 62S.291 Availability of New Services or Providers Insurers must notify existing policyholders when new long-term care policies with important new services or providers … 62S.292 Right to Reduce Coverage and Lower Premiums Every long-term care policy must allow you to reduce your coverage to lower your premium. You can reduce your maximum … 62S.30 Suitability Insurers must develop suitability standards to make sure long-term care insurance is a good fit for each applicant. … 62S.31 Requirement to Deliver Shopper's Guide Before you apply for long-term care insurance, the insurer or agent must give you a shopper's guide. This guide is in a … 62S.312 Consumer Protection Standards for Long-term Care Partnership Policies To qualify as a long-term care partnership policy, a policy must be tax-qualified and meet the consumer protection … 62S.315 Producer Training The commissioner of commerce must approve training requirements for agents who sell long-term care insurance, following … 62S.32 Application Medicare supplement insurance rules do not apply to long-term care insurance. This chapter applies specifically to … 62S.33 Penalties An insurer or agent who violates any Minnesota law related to long-term care insurance regulation or marketing can be … 62S.34 Regulatory Flexibility The commissioner can modify or suspend specific requirements of this chapter for a particular long-term care policy if …